Implementing Partners

The Implementing Partners of the GPFI are the Alliance for Financial Inclusion (AFI), the Better Than Cash Alliance, the Consultative Group to Assist the Poor (CGAP), the International Finance Corporation (IFC), the International Fund for Agricultural Development (IFAD), the Organisation for Economic Co-operation and Development (OECD), the SME Finance Forum, and The World Bank. The Implementing Partners coordinate the implementation of the activities of each Subgroup together with other relevant stakeholders and the participating G20 and non-G20 countries.

Alliance for Financial Inclusion (AFI)

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The Alliance for Financial Inclusion (AFI) is a knowledge network of central banks and other financial regulatory bodies in developing countries. As a key player for global financial inclusion efforts, AFI serves as one of the five GPFI Implementing Partners.

AFI's contribution to the G20 financial inclusion process started when the G20 Financial Inclusion Experts Group (FIEG) invited AFI to participate as an advisor. In this process, AFI highlighted the fact that many of the smartest and most innovative policies for increasing access to financial services have come from developing countries and the importance of listening to and learning from developing country experience. The FIEG appreciated these points and the value that AFI can bring as a network of developing country policymakers. The Group utilized many of AFI's ongoing programs, including dialogues and meetings with developing country policymakers, together with the AFI Survey on Financial Inclusion Policy which helped to shape the G20 Principles for Innovative Financial Inclusion.

The G20 Action Plan requests that AFI facilitates the participation of non-G20 developing country policymakers into the activities of the GPFI. To effectively channel the views of non-G20 developing countries into the GPFI process, AFI has worked with the G20 to facilitate the participation of some of its leading members (Central Bank of Kenya, Bangko Sentral ng Pilipinas, Bank Negara Malaysia, Bank of Thailand, and Central Bank of Peru) in the work of the GPFI Subgroups.

As a GPFI Implementing Partner, AFI is helping to take forward the work programs of the Subgroup on Regulation and Standard-Setting Bodies (SSBs) and the Subgroup on Financial Inclusion Data and Measurement. AFI is promoting the use of the G20 Principles for Financial Inclusion amongst its members and is documenting how countries have implemented them, and the challenges they have faced in doing so.

The Better Than Cash Alliance

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The Better Than Cash Alliance is a global alliance of governments, private sector, and development organizations committed to moving from cash to electronic payments.

The Alliance advocates for the shift away from cash payments to electronic payments including payment of benefits, payroll, humanitarian aid, pensions, business to business purchases and more by governments, private sector, and development organizations. In addition, the Alliance provides technical assistance to member governments and organizations making the transition.

Through research and case studies, the Better Than Cash Alliance builds the evidence base for the benefits of electronic payments including: being a driver of financial inclusion; reducing costs and increasing efficiency in payment distribution; increasing transparency and accountability; providing confidentiality and control for women; and increasing security. The Alliance also shares insights and findings from member experiences to help others maximize the benefits at each stage of their transition.

Founded in 2012, the Better Than Cash Alliance is funded by The Bill & Melinda Gates Foundation, Citi, Ford Foundation, MasterCard, Omidyar Network, USAID, and Visa Inc. The UN Capital Development Fund serves as the secretariat.

The Better Than Cash Alliance’s partnership with the G20 began in 2014 when the Alliance became an Implementing Partner of the GPFI.

The Consultative Group to Assist the Poor (CGAP)

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The Consultative Group to Assist the Poor (CGAP) works toward a world in which everyone has access to the financial services they need to improve their lives. CGAP develops innovative solutions for financial inclusion through practical research and active engagement with financial service providers, policy makers, and funders. Established in 1995 and housed at the World Bank, CGAP combines a pragmatic approach to market development with an evidence-based advocacy platform to advance poor people's access to finance. CGAP's global network of members includes over 30 development agencies, private foundations, and national governments that share a common vision of improving the lives of poor people with better access to finance.

CGAP's relationship with the G20 began in 2009 with CGAP's participation as a key Implementing Partner for the Financial Inclusion Experts Group of the G20 (FIEG), the predecessor to the GPFI. The work of the FIEG resulted in the endorsement of the G20 Principles for Financial Inclusion at the G20 Summit in Toronto and the approval of the G20 Financial Inclusion Action Plan at the G20 Summit in Seoul.

International Finance Corporation (IFC)

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International Finance Corporation (IFC), a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. IFC fosters sustainable economic growth in developing countries by financing private sector investment, mobilizing capital in the international financial markets, and providing advisory services to businesses and governments. IFC helps companies and financial institutions in emerging markets create jobs, generate tax revenues, improve corporate governance and environmental performance, and contribute to their local communities. The goal is to improve lives, especially for the people who most need the benefits of growth.

IFC's engagement with the G20 originated in 2009 with IFC's participation as a key Implementing Partner for the Financial Inclusion Experts Group of the G20 (FIEG), the predecessor to the GPFI. Recognizing its leading role in SME Finance, IFC was nominated as lead technical advisor to the FIEG SME Finance Subgroup and was tasked to lead the Subgroup's deliverables and act as its secretariat.

As one of five key Implementing Partners of the GPFI, IFC is involved in the Subgroup on SME Finance and the Subgroup on Financial Inclusion Data and Measurement. It is the lead Implementing Partner for the Subgroup on SME Finance. IFC's primary activities in driving the delivery of the SME finance workplan include the launch of an inclusive knowledge sharing platform for SME finance data, research and best practices (the SME Finance Forum), the recommended comprehensive SME Finance Policy Framework and an accompanying pilot program to help selected countries implement the framework (SME Finance Compact) and research on Women Entrepreneurs and Agri-finance.

IFC is also actively supporting the Data and Measurement Subgroup, providing technical inputs on stocktaking the financial inclusion data landscape and on analytics that may be considered for financial inclusion target-setting at the country-level. In addition to the support specific to each of the GPFI Subgroups, IFC provides overall coordination and cross-cutting support to the GPFI.

International Fund for Agricultural Development (IFAD)

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The International Fund for Agricultural Development (IFAD), a specialized agency of the United Nations established in 1977 as an international financing institution, is dedicated to eradicating rural poverty in developing countries by empowering poor rural women and men to achieve higher incomes and improved food security. IFAD’s Financing Facility for Remittances (FFR) is a US$28 million, multi-donor facility, working since 2006 with the goal of increasing the development impact of remittances and enabling poor rural households to advance on the road to financial independence. The FFR co-finances development projects in close collaboration with public, private and civil society partners, and it acts as an information broker to facilitate the dissemination, replication and scaling up of remittance-related best practices.

With regards to this particular Subgroup, IFAD believes that leveraging the impact of remittances for development –particularly in rural areas– is beneficial to promote financial inclusion and to bank the unbanked. It is also true the other way around: without financial inclusion, the tremendous potential that remittances have on developing countries could not be advantageous for migrants and their families.

Through its projects, IFAD has promoted financial education among migrants and their communities of origin, by giving them access to the appropriate tools and mechanisms for investing and start saving, in partnership with private sector, public institutions and the civil society. This is how IFAD can actively contribute to the GPFI, not only through the exchange of knowledge, best practices and successful experiences, but also to raise awareness on the tremendous opportunities that remittances have in reaching the last mile.

IFAD also supports the GPFI SME Finance Subgroup. The work on innovative agricultural SME finance models, started in 2011, is closely related to IFAD’s mission to invest in rural people. As an international financial institution, IFAD was able to contribute to the collaborative effort by sharing insights from our core business of investments in agricultural enterprises, including smallholder producers in value chain arrangements and small and medium scale agro-processing enterprises supported by project cases. IFAD remains engaged in the agricultural finance related policy dialogue and recommendations, with a focus on financial inclusion for agricultural development, food security and nutrition. IFAD also recognizes the fundamental role played by the diaspora throughout the world, and has been actively working on linking the diaspora capital as source of SME financing in agriculture.

Organisation for Economic Co-operation and Development (OECD)

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The Organisation for Economic Co-operation and Development (OECD) was created in 1960, currently consists of 34 member countries. It brings together governments of countries committed to support sustainable economic growth, boost employment, raise living standards, maintain financial stability, assist other countries' economic development and contribute to growth in world trade.

In 2002, the OECD established a comprehensive project on Financial Education and further created the International Network on Financial Education (INFE) in 2008 to involve more global experts on financial education. The INFE currently comprises 107 countries and over 260 public institutions and develop methodologies and data, identify and analyze efficient practices and establish global policy instruments on financial literacy and education. The INFE is also a global platform for sharing of experience and review implementation of policy instruments amongst peers. A dedicated website provides an online data base of financial literacy programs worldwide.

As an Implementing Partner of the GPFI, the OECD serves primarily to support the work of the Subgroup on Financial Consumer Protection and Financial Literacy, but is also expected to provide insights and contribute as relevant to the work of the other Subgroups, in particular the Subgroup on Financial Inclusion Data and Measurement and the Subgroup on SME Finance.

The OECD contribution to the G20 agenda in the areas of financial literacy and financial consumer protection has been far reaching. In 2010, the OECD created the G20/OECD Task Force on Financial Consumer Protection. The Task Force involves all OECD countries, G20 and FSB economies as well as international organizations and standard-setting bodies with an interest in financial consumer protection.

SME Finance Forum

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The SME Finance Forum, an initiative of the G20 GPFI, works to expand access to finance for small and medium businesses. The Forum operates a global membership network that brings together financial institutions, technology companies, and development finance institutions to share knowledge, spur innovation, and promote the growth of small and medium enterprises (SMEs). Managed by IFC, the SME Finance Forum was established in 2012.

The World Bank Group

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The World Bank Group is a vital source of financial and technical assistance to developing countries around the world. Its mission is to fight poverty with passion and professionalism for lasting results and to help people help themselves and their environment by providing resources, sharing knowledge, building capacity and forging partnerships in the public and private sectors.

The World Bank is made up of two unique development institutions owned by 187 member countries: the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA). Each institution plays a different but collaborative role in advancing the vision of inclusive and sustainable globalization. The IBRD aims to reduce poverty in middle-income and creditworthy poorer countries, while IDA focuses on the world's poorest countries.

The World Bank serves as a leading development partner to low and middle-income countries, in supporting their targets and actions in financial inclusion, financial infrastructure, consumer protection, financial capability, and micro and SME finance. It offers knowledge and data sources, and articulates components, strategies, and partnership models to assist countries to achieve financial inclusion. The World Bank has an active lending portfolio for financial inclusion of over US$ 4 billion, and projects in more than 60 countries.

The World Bank serves as an Implementing Partner for the GPFI, across all its Subgroups. For example:

1.The World Bank (DECFP) has developed a website for the GPFI that collects and monitors progress on the G20 Financial Inclusion Indicators. This integrates global data efforts to track global and national financial inclusion progress.

2.A Financial Inclusion Reference Framework was prepared by the World Bank as a reference or resource document for countries designing and implementing financial inclusion strategies and programs of reforms.

3.The 2012 G20 Presidency has also asked the World Bank to support the implementation of financial inclusion commitments at country-level, through an implementation support framework. The Financial Inclusion Support Framework (FISF) provides multi-year programs of technical assistance and capacity-building support in line with national financial inclusion strategies and action plans.